For businesses in Colorado, 2023 may seem like a year convoluted with change. The adjustments to unemployment rates, changes to minimum wage, and the implementation of the FAMLI plan are already enough for any business owner to have to adapt to during the onset of a new year. Yet quite possibly the biggest change for Colorado businesses in 2023 is the emergence of the Colorado Secure Savings program.  

All businesses with 5 or more employees are required to register at the Colorado Secure Savings portal; even if those businesses intend on providing their own retirement plan for employees. The preliminary stages of registration were initiated earlier this year, and now the state department managing the secure savings program has started distributing registration access codes. Following the link provided by the state department, business owners can apply this access code to do one of two things: (1) Register for the Colorado Secure Savings program or (2) certify their exemption from the program if they already provide their own retirement plan for employees.  

The deadline to complete either process varies for businesses depending on the size of the employee roster: 

• Businesses with 50+ employees: March 15 
• Businesses with 15-49 employees: May 15 
• Businesses with 5-14 employees: June 30 

An important detail to remember is that each access code can only be used one time. Therefore, if you accidentally use your code to begin the registration process when you intended to certify for an exemption instead, then you must make a call to a representative of the secure savings program (844-692-1073) to amend your status. Now, I can imagine that doesn’t sound too thrilling having to call a number corresponding to the state department to speak with someone about something you might not be too familiar with. However, from my own personal experience having to resort to this action, I hope to assure you that this process is surprisingly smooth and painless. I was able to speak to a representative immediately (given this was a Friday afternoon), and the conversation took no longer than a few minutes. Here is the information you’ll want to have on-hand prior to making a call: 

• Complete business name 
• EIN 
• Business mailing address 
• Email address ([email protected] if you’re one of our payroll clients) 
• And if you’re filing for an exemption status, what type of plan you intend on providing for you employees (401K, IRA, etc.) 

If your business has 5 or more employees and does not offer its own retirement plan, then you must register for the Colorado Secure Savings program. Again, this can be commenced once the state department has provided you with the link to the portal login page along with your access code. (If you are one of our payroll clients, this will be forwarded to you by us once we receive these emails). Here are some key items of information that will be requested during your registration process: 

• Rudimentary business information  
• Contribution funding information (ACH – bank routing and account numbers) 
• What type of payroll system do you use (Our payroll clients can select “Apex.” If Apex is not an option, then please feel free to select “Other” and fill-in the section accordingly) 
• Roster of employees and their information (First & Last name, SSN, Birthdate, date of hire, address, hours worked last year, hours worked this year, and estimated salary for this year are all required in order to advance) 

An important note to our payroll clients: at any time during this registration process, you may scroll down to the bottom of any page and click on the link that’ll enable you to add us as an additional administrator. By doing this, we will gain access to your account via our third-party access, and will be able to complete the registration process on your behalf. Personally, I would recommend having us complete the registration process for you, particularly because of the employee roster section. However, if you are able to register yourself, please add us as an additional administrator at the end of the process as well. You may do this by clicking on the icon that looks like a building; the option to add us will become available. Please use the following email address to add us: [email protected].  

Once registration is completed, the roster of employees will be processed which will take approximately 30 days. At this point, contributions will be deducted for employees who have opted in. Any employe who has opted into the program will have their contribution set at 5% by default; they may choose to lower this rate if they wish. This maximum contribute limit will increase each year. There is no employer match portion to any contribution made.  

All employees are free to opt out of the program. The state department has provided a form for employees to complete if they would like to withdraw from participation. Any of our payroll clients should feel free to contact us so that we can provide a copy of this document.  

P: (970) 223-4913
E: [email protected]  

Please also feel free to contact us if you would prefer assistance conjuring your own retirement plan for employees with aid from our Certified Financial Planner (CFP).